The Swiss Canton of Basel-Country has a very strong economy and exceptional liquidity due to ample available liquidity lines and a stable liquid assets position. Basel-Country faces a high debt burden because the recapitalization of its pension fund covers underfunded amounts owed by the canton and its municipalities. We are affirming our ratings on Basel-Country at 'AA+/A-1+'. The stable outlook reflects our view that Basel-Country will continue to implement its savings measures over the next two years, stabilize its budgetary performance, and maintain healthy liquidity. On Jan. 16, 2015, Standard&Poor's Ratings Services affirmed its long–term issuer credit rating on the Swiss Canton of Basel-Country at 'AA+' and its short-term rating at 'A-1+'. The outlook is stable. The ratings
